The research report “Legal
Process Outsourcing (LPO) Market
Size By Service (Contract Drafting, Compliance Assistance, E-Discovery, Review
& Management, Patent Support, Litigation Support), By Location (Offshore,
Onshore), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany,
UK, Italy, France, Spain, Poland, Czech Republic, China, India, Japan, South
Korea, Australia, Philippines, Brazil, Mexico, South Africa), Growth Potential,
Price Trends, Competitive Market Share & Forecast, 2017 – 2024”,
by Global Market Insights, Inc. says Legal Process Outsourcing (LPO) Market
size is set to exceed USD 40 billion by 2024.
Increasing requirement for efficient legal
departments to manage process-oriented and high volume legal work is
anticipated to drive the legal process outsourcing market over the forecast
timeframe. Rapid increase in the cost of legal proceedings has led the
companies to outsource these services. Cost-efficiency is one of the major
factors benefitting the LPO market landscape.
Technological advancements in the legal process
outsourcing market have contributed towards the significant revenue growth. AI
(Artificial Intelligence) is an important tool for extracting valuable data
enabling firms to concentrate more on client work through increased bandwidth
resulting in efficient delivery of services with high accuracy levels. Rising
demand for intelligent technology to obtain information from unstructured data
along with understanding and reading it as a human is anticipated to propel the
growth of AI in the legal process outsourcing market.
The security concern associated with the LPO model is
anticipated to challenge the industry growth over the forecast timeframe. Major
providers are addressing the confidentiality and security concerns by
implementing globally standard certifications and processes, such as Six Sigma
and ISO 27001.
E-discovery services are expected to
grow at a significant CAGR of over 40% from 2017 to 2024. This growth is
attributed to the rapidly growing usage of digital systems by businesses and
outsourcing of electronic documents which contain an enormous amount of data
and meta-data. For identifying and generating this information often proves to
be troublesome for the in-house legal department. These operations aid in
reducing the time consumed and are cost-effective.
The demand for patent support services
in the legal process outsourcing market will witness significant growth owing
to the rising inclination towards IP monitoring and legal research for better
cost efficiency. This is done to deliver intellectual property portfolios of
the clients to guide them on any possible infringements or threats.
The onshore LPO market size will
flourish over the forecast timeframe. This is due to rising demand from various
law firms and European corporations’ inclination towards services to be
provided onshore, rather than offshore. Increasing operational cost in South
Africa and India coupled with altering European Union (EU) data protection laws
are also limiting the types of services which can be offshored which is further
escalating the demand for onshore services.
The Philippines LPO market share will be
driven by the decreasing cost of legal services accompanied with the
infrastructure which makes it an excellent offshoring destination.
The legal
process outsourcing market is characterized by the need to reduce the cost of
legal services. Escalating demand for e-discovery services due to the demand
for digital services by the businesses. The companies in the industry are
focusing on acquiring certifications such as ISO 27001 and ISO 9001.
Furthermore, various LPO providers are adopting a hands-on approach on training
their staff on specific legal engagements, consisting on involving corporate
legal professional to directly focus on such learning initiatives. Some key
companies include UnitedLex Corporation, Pangea3 LLC, Integreon, Inc., Axiom
Law, Elevate Services Inc., etc.
LPO
market research report includes in-depth coverage of the industry with
estimates & forecast in terms revenue in USD from 2013 to 2024, for the
following segments:
LPO Market by Service
- Contract
drafting
- Compliance
assistance
- E-Discovery
- Review
& Management
- Patent
Support
- Litigation
Support
- Others
LPO Market by Location
- Offshore
- Onshore
The above information is provided on a regional and country
basis for the following:
- North
America
- U.S.
- Canada
- EU
- UK
- Germany
- France
- Italy
- Spain
- Poland
- Czech
Republic
- Asia
Pacific
- China
- India
- Japan
- Australia
- Philippines
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa (MEA)
- South
Africa
Browse key industry insights spread
across 120 pages with 67 market data tables & 20 figures & charts from
the report, Legal Process Outsourcing
(LPO) Market in detail along with the table of contents:
About Global Market Insights
Global Market
Insights, Inc., headquartered in Delaware, U.S., is a global market research
and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and
industry research reports offer clients with penetrative insights and
actionable market data specially designed and presented to aid strategic
decision making. These exhaustive reports are designed via a proprietary
research methodology and are available for key industries such as chemicals,
advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
Phone: 1-302-846-7766
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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: https://gminsights.wordpress.com
Connect with us: Facebook | Google+ | LinkedIn | Twitter
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